Method123 Ltd

Method123 Ltd

March 03, 2009 09:30 ET

New Financial Planning Templates Online

Method123 Ltd today released a suite of innovative new templates for managing project finances.

LA HABRA, CALIFORNIA--(Marketwire - March 3, 2009) - Delivering a project over budget is one of the top risks in project management. Method123 Ltd, leaders in online templates, set out to corner the market by releasing Financial Plan templates which help teams to manage project finances efficiently.

"Project Managers are usually highly motivated goal-orientated people," says Jason Westland, CEO of Method123 Ltd. "But they are not usually number crunchers. They don't have a lot of free time to spend planning the projects finances, so it's no surprise that a lot of projects are delivered over budget. To help them out, we've created a suite of Financial Plans which set out the roadmap for the project. All they need to do is fill in the gaps. This saves them time and effort, while boosting the quality of their financial plans. In short, it reduces their project risk and increases their chances of delivering within budget."

The templates guide a Project Manager through the process of managing finances for a project. The Project Manager starts by completing the Financial Plan, which sets out the major expenses for the project ahead. It helps the team formulate a budget and determine the planned cost of people, materials, equipment and administration. The template then goes one step further by scheduling the expenditure each week during the project life cycle. It enables the Project Manager to set the budget and create a plan for the consumption of that budget each week, until the project has been completed. With this plan, the team has a yard stick against which to measure progress.

Another template allows the Project Manager to determine their current actual spend vs. planned spend for the project. A Cost Management Process is implemented to ensure that all project costs are identified, recorded and tracked. This gives the Project Manager control over the 'project purse-string'.

Every project expense is recorded in an Expense Register and the relevant approval parties are able to approve expenditure at varying levels, before they occur. In this way, the project management team can decide on whether to incur each expense, in a planned and controlled fashion.

"Only by carefully monitoring and controlling project expenditure, can you ensure that your project delivers within budget," says Westland.

Method123 recommends using the newly released templates in conjunction with Project Planning Software so that the expense data can be summarized and reported on efficiently. Using Project Management Methodologies which include clear financial processes for projects is also recommended.

For more information regarding these newly released Project Management Templates, visit Method123.com.

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